Light & Wonder, Inc. reported its for the first quarter ended 31 March 2025, delivering its 16th consecutive quarter of year-on-year growth. The Las Vegas-based gaming technology company recorded a 2 percent increase in consolidated revenue to $774 million compared to the same period in 2024.
Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) rose 11 percent year-on-year to $311 million. However, compared to the December 2024 quarter, consolidated revenue fell by 3 percent, and adjusted EBITDA declined slightly by 1 percent.
The company’s core gaming segment posted a 4 percent year-on-year revenue increase to $495 million. Revenue from table products rose 9 percent, while both gaming systems and gaming operations saw gains of 5 percent.
iGaming grows while SciPlay sees a slight dip
Revenue from the iGaming segment increased by 4 percent to $77 million, continuing its growth trend in the US and benefiting from the expansion of the company’s partner network. In contrast, the social gaming segment, SciPlay, experienced a 2 percent decline in revenue, coming in at $202 million for the quarter.
Ongoing litigation and tariff pressures
The quarterly update also addressed two significant issues — ongoing litigation with rival Aristocrat and the impact of US trade tariffs on its supply chain.
Light & Wonder confirmed that independent experts had completed a review of all Hold & Spin games launched since 2015. The review found no evidence that any games other than Dragon Train and Jewel of the Dragon used Aristocrat’s proprietary math values.
Regarding trade tariffs, the company acknowledged that it sources some raw materials and components for its gaming products from China and other parts of Asia. It is currently pursuing a range of mitigation strategies, including supplier diversification, supply chain adjustments, cost controls, and pricing negotiations.
Despite potential cost pressures, the company said its ongoing operational efficiency efforts are expected to offset these impacts. It remains confident in achieving its full-year target of $1.4 billion in consolidated adjusted EBITDA by the end of 2025.
Steady bottom line performance
Net income for the quarter remained at $82 million, or 94 cents per share, the same as the prior-year period.
Nevertheless, the company’s quarterly earnings exceeded the by 18 cents, indicating stronger-than-expected profit performance.
CEO’s comment
Light & Wonder President and CEO Matt Wilson stated that the company’s investment in R&D, wide-ranging product offerings, and omni-channel content strategy continue to drive growth.
Matt Wilson said, “We remain confident in the various avenues of growth that we see for 2025 with continued execution on our robust product roadmap driving performance across the business. We are committed to executing off the strong foundation of world class talent and game portfolio that we have built for long-term success.”
He highlighted upcoming opportunities, including the pending acquisition of Grover Charitable Gaming, as key to further expanding the business in 2025.
Revenue up 4% in Q4 2024
The company reported strong revenue growth in the Q4 2024, achieving 15 consecutive quarters of consolidated yearly revenue growth.
In its financial update, the group reported a 4 percent increase in fourth-quarter revenue, reaching $797 million. For the period, the company’s consolidated adjusted EBITDA increased by 4 percent yearly, totalling $315 million.
Gaming revenue for Light & Wonder reached $515 million. This marked a 4 percent increase from the same period last year. The growth was primarily led by revenue from gaming systems and table products. Gaming systems revenue grew by 24 percent to hit $88 million. Whereas table products saw a 10 percent increase, reaching $57 million in revenue.
